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CNX Resources Corporation (CNX - Free Report) reported third-quarter 2021 adjusted earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 124.4%.
Revenues
Third-quarter revenues were $455 million, which surpassed the Zacks Consensus Estimate of $434 million by 4.8%.
CNX Resources Corporation. Price, Consensus and EPS Surprise
Average selling price for the quarter was $3.61 per thousand cubic feet equivalent (Mcfe), up 139.1% from the year-ago figure of $1.51. For the reported quarter, total production costs were down 9.4% year over year to $1.55 per Mcfe due to proper cost-management measures implemented by the company. Its efficient management of expenses continues to reduce outflow and boost margins.
Total second-quarter production volumes were 153.5 billion cubic feet equivalent, up 32.7% year over year. Interest expenses for the reported quarter were $37.9 million, marginally up 0.1% from the year-ago period.
During the quarter, CNX Resources repurchased shares worth $78 million. During the quarter, its board of directors approved a $1-billion increase in the share buyback program.
Financial Update
As of Sep 30, 2021, CNX Resources had cash and cash equivalents of $0.4 million, down from $15.6 million on Dec 31, 2020.
Total long-term debt as of Sep 30, 2021 was $2,203.7 million, lower than $2,401.4 million on Dec 31, 2020.
Third-quarter 2021 cash from operating activities was $214.4 million, down 3.9% from $223.2 million in the year-ago period. Free cash flow for the third quarter was $130 million.
Capital expenditure for third-quarter 2021 was $97 million.
Guidance
CNX Resources raised its capital expenditure guidance for 2021 to the range of $460-$470 million from the earlier expectation of $430-$470 million. The company also revised its 2021 production volumes upward to the range of 570-580 billion cubic feet equivalent (Bcfe) from the earlier prediction of 540-570 Bcfe. Nearly 91% of expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $500 million from $475 million projected earlier.
Devon Energy Corporation (DVN - Free Report) is scheduled to announce third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 92 cents per share.
ConocoPhillips (COP - Free Report) is scheduled to report third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at $1.53 per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2021 results on Nov 4. The Zacks Consensus Estimate for the quarterly earnings is pegged at 65 cents per share.
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CNX Resources (CNX) Tops Q3 Earnings Estimates, Ups '21 View
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2021 adjusted earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 124.4%.
Revenues
Third-quarter revenues were $455 million, which surpassed the Zacks Consensus Estimate of $434 million by 4.8%.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
Average selling price for the quarter was $3.61 per thousand cubic feet equivalent (Mcfe), up 139.1% from the year-ago figure of $1.51. For the reported quarter, total production costs were down 9.4% year over year to $1.55 per Mcfe due to proper cost-management measures implemented by the company. Its efficient management of expenses continues to reduce outflow and boost margins.
Total second-quarter production volumes were 153.5 billion cubic feet equivalent, up 32.7% year over year. Interest expenses for the reported quarter were $37.9 million, marginally up 0.1% from the year-ago period.
During the quarter, CNX Resources repurchased shares worth $78 million. During the quarter, its board of directors approved a $1-billion increase in the share buyback program.
Financial Update
As of Sep 30, 2021, CNX Resources had cash and cash equivalents of $0.4 million, down from $15.6 million on Dec 31, 2020.
Total long-term debt as of Sep 30, 2021 was $2,203.7 million, lower than $2,401.4 million on Dec 31, 2020.
Third-quarter 2021 cash from operating activities was $214.4 million, down 3.9% from $223.2 million in the year-ago period. Free cash flow for the third quarter was $130 million.
Capital expenditure for third-quarter 2021 was $97 million.
Guidance
CNX Resources raised its capital expenditure guidance for 2021 to the range of $460-$470 million from the earlier expectation of $430-$470 million. The company also revised its 2021 production volumes upward to the range of 570-580 billion cubic feet equivalent (Bcfe) from the earlier prediction of 540-570 Bcfe. Nearly 91% of expected gas production for 2021 is hedged by the company.
CNX Resources raised free cash flow expectation for 2021 to $500 million from $475 million projected earlier.
Zacks Rank
CNX Resources currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Upcoming Releases
Devon Energy Corporation (DVN - Free Report) is scheduled to announce third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at 92 cents per share.
ConocoPhillips (COP - Free Report) is scheduled to report third-quarter 2021 results on Nov 2. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at $1.53 per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2021 results on Nov 4. The Zacks Consensus Estimate for the quarterly earnings is pegged at 65 cents per share.